Singlife Account

[Spirax]

Did Singlife states their transfers are via FAST? FAST should be immediate, but looking at their records, it is not FAST to me.

Yes, It is fast to your DBS account, but update to your app take a while

 

[twosix]

my experience with singlife is the transfers in and out are almost immediate most of the time, once or twice it may take more than 10 minutes, but still goes through. the last tx i did few days back to transfer out the interests earned, it is immediate into my bank account.

but some users have complained here it takes days to transfer, which i have never experienced before.

 

[a4973]

Anyone with banking background able to shed light on is there any material difference between an insurance company and a bank with regards to FAST? I see people always saying give singlife a break as they are an insurance company not a bank. Thanks

 

[reddevil0728]

Anyone with banking background able to shed light on is there any material difference between an insurance company and a bank with regards to FAST? I see people always saying give singlife a break as they are an insurance company not a bank. Thanks

They use FAST process doesn't mean their app is directly connected to FAST.

maybe whenever we withdraw using the app, it is more like sending a request to another platform that does the transfer.

i have withdrawn money many times at nights and on weekends but yesterday was the first time I didn't receive my money

It has happened to you before? How long did Singlife take to resolve the matter?

if you read this thread, you will know every now and then their system got some problem which they need to fix then thereafter is ok.

 

[TsukiSG]

Anyone with banking background able to shed light on is there any material difference between an insurance company and a bank with regards to FAST? I see people always saying give singlife a break as they are an insurance company not a bank. Thanks

Singlife has an account at DBS for handling clients' money in and out. Transfer between your bank account and Singlife's DBS account is via fast (immediate). But after you submit the withdraw request on their app, Singlife need few minutes to few days to process and 'tell' DBS to initiate the transfer.

 

[reddevil0728]

If what u say is true and I transferred my money from Singlife account to DBS account and i didn't get it, isn't that DBS' fault?

you are assuming that by submitting the request via the withdraw is the same ACT as executing the FAST transfer which might not be.

 

[kram62]

If what u say is true and I transferred my money from Singlife account to DBS account and i didn't get it, isn't that DBS' fault?

you are assuming that by submitting the request via the withdraw is the same ACT as executing the FAST transfer which might not be.

True. Many people seem to think that submitting a withdrawal request in the singlife app is the actual fund transfer to your bank.

It is most likely not how it works.

When submitting a withdrawal request, you are just creating a request in singlife servers that you wish some money to be transferred to your account.

There are most likely several processing steps in the singlife backend (and, depending on the amount withdrawn maybe some security checks involving manual confirmation by an employee) before the singlife backend actually trigger a fund transfer out of singlife dbs bank account to your account.

UNTIL the singlife backend actually sends a FAST transfer request from DBS, it can't be DBS's fault. And due to how FAST works in Singapore, I guess once the actual fund transfer is triggered, its pretty much instantaneous.

But there can be delays between the withdrawal request (done by the user in the app) and singlife fund transfer request to bank (done by singlife backend).

 

[TsukiSG]

If what u say is true and I transferred my money from Singlife account to DBS account and i didn't get it, isn't that DBS' fault?

Of course not. It's Singlife who has yet to instruct DBS to transfer money to you. So calling DBS or your bank is not useful.

 

[pinkoomori]

I wouldn't worry too much about the transfers. The withdrawal will be reflected in my DBS account within 10 minutes. If you don't see the withdrawal reflected in your bank account by the next day, give Singlife CS a call or drop a WhatsApp

They're the only account that gives both good interest rates and no withdrawal fees in this low interest environment so do stick with them

 

[silverbomb]

That Jameskuwe guy asked the qn and cannot take it that ppl are answering his qn and delete all his singlife post. Lol.

Posted from PCWX using SM-G965F

 

[reddevil0728]

That Jameskuwe guy asked the qn and cannot take it that ppl are answering his qn and delete all his singlife post. Lol.

Posted from PCWX using SM-G965F

strange peeps these days

 

[ST9611]

I have yet to receive OTP after logging in since morning. I'm referred to the technical dept bout it. So what did the CS told u?

Same here. Last time take weeks before can receive sms again. Now cannot receive sms again.

 

[meekiatah]

Same here. Last time take weeks before can receive sms again. Now cannot receive sms again.

Since 19 dec till now. Cannot receive sms otp.

Posted from PCWX using Mi 10 Ultra

 

[addict951]

Ask yall ar
Anybuttie received that email about Grow opt-in then dun know what 1%.
Is the money transferred to Grow covered under the $75K anot?
Has anybuttie transferred money to Grow alrdy?

 

[dappermen]

Read!!!plssss

Maybe singlife grow shdnt label itself as an iLp
But a cash-growth account that comes free w insurance....
I understood better with this article below:-
Read:
https://blog.moneysmart.sg/life-insurance/singlife-grow-different-from-traditional-ilp/?fbclid=IwAR2HixOCz8RS6tz5luvju1CIlWKjBNzhTPMsDD5YxvgayOgzMo2B6jxYLs0

It summarised its goodness that well

 

[luncheonmeat_sg]

1. Singlife GROW is an ILP, it is not related to your Singlife Account (2% for first 10k and 1% for balance up $100k)

2. For GROW, you decide to invest in either 3 options - Conservative, Balanced, Dynamic. The returns are never guaranteed. It depends on the performance of the funds managed by Aberdeen within the portfolio

3. At the end of the 6 months, Singlife award you 1% bonus. For example, you invest $5k in GROW, at the end of 6 months, they credit you $50 bonus into your GROW

4. However, do note that they is a management charge of 0.25% per quarter of account value. For example, if your GROW account becomes $5,500 after 3 months due to good investment returns by Aberdeen, you will be charged $13.75 as management charges. And the charges are applied every 3 months based on your account value. The 1% bonus after 6 months will help offset your management charges for the 1st year. This is probably to entice you to try out GROW.

5. You can only fund your GROW ILP by transferring funds from your Singlife Account

Thanks bro this is very useful. Just to also quick add for pointer no.3 that there's a min amt of $5k deposit + lock-in period (1st Jan - 30 Jun 2021) in order to get the bonus 1%. Which i guess for the example pointer no.4, this bonus 1% is like singlife paying for the management charge?

But would anyone know after 6 months we are able to encash/withdraw full amount and close this "Grow" account?

And again.. So far any bros gotten into this yet?

 

[addict951]

Thanks bro this is very useful. Just to also quick add for pointer no.3 that there's a min amt of $5k deposit + lock-in period (1st Jan - 30 Jun 2021) in order to get the bonus 1%. Which i guess for the example pointer no.4, this bonus 1% is like singlife paying for the management charge?

But would anyone know after 6 months we are able to encash/withdraw full amount and close this "Grow" account?

And again.. So far any bros gotten into this yet?

Sounds rike yet another 1 of those robo investing stuff.
还是不要了。

 

[ringrain_78]

Thanks bro this is very useful. Just to also quick add for pointer no.3 that there's a min amt of $5k deposit + lock-in period (1st Jan - 30 Jun 2021) in order to get the bonus 1%. Which i guess for the example pointer no.4, this bonus 1% is like singlife paying for the management charge?

But would anyone know after 6 months we are able to encash/withdraw full amount and close this "Grow" account?

And again.. So far any bros gotten into this yet?

I just put in $5k - 1% is not that attractive, taking account of the 2 "management fees" which is calculated on the gross amount.

I was contemplating to put in much more but the 1% is only for your premium which is your initial "capital".

If keen, I would advise to put into conservative profile to reap the max of 1% bonus and "save" on the management fee.

 

[DOINK1]

Since 19 dec till now. Cannot receive sms otp.

Posted from PCWX using Mi 10 Ultra

I have informed DBS about the OTP issue. They have helped me rectify the problem. Now I can receive OTP and changed my app to login via thumbprint.

 

[reddevil0728]

I have informed DBS about the OTP issue. They have helped me rectify the problem. Now I can receive OTP and changed my app to login via thumbprint.

Dbs or Singlife???